PRODAS - Project Delivery Assurance Service
Best Escrow Service for Program/Project Execution
EscrowLock’s Project Delivery Assurance Service (PRODAS) is the best escrow service that individuals and organizations can use for program or project execution.
Under the PRODAS arrangement, EscrowLock serves as a trusted middleman for facilitating payments between the client (an individual, organization or donor) and the implementing party (donee, contractor, vendor, supplier, broker, etc.), in order to protect against any unwholesome practice and ensure that the project is executed just as agreed.
If you are interested in using PRODAS, kindly contact us using the form on the contact page.
Benefits of EscrowLock's Project Delivery Assurance Service (PRODAS)
There various benefits to using EscrowLock’s Project Delivery Assurance Service (PRODAS) in implementing your projects or programs.
Some of these benefits are as follows:
Using EscrowLock’s Project Delivery Assurance Service, you can introduce checks at every level of the project in order to ensure that funds are only released to designated parties after they have successfully delivered on an agreed activity or action.
This activity or action could include the supplying of equipment by a vendor, building and constructions works by a contractor, conducting a program or other activities.
When the implementing parties involved in executing the project understand that their payment is tied to their performance, they are more likely to do their best to deliver better results.
So, as a client who wants to fund a project or program, sending the project funds to a trusted independent company like EscrowLock signifies to the implementing parties that you are capable and willing to fund the project, and that you are willing to be fair in case of dispute (since any dispute that arises is handled by EscrowLock based strictly on the agreement guiding the project).
It is not unusual to have projects extend beyond the completion date due to unforeseen circumstances.
However, some project implementers can delay projects unnecessarily since they believe that they have little or nothing to lose.
Using our Project Delivery Assurance Service curtails such behavior as the implementing party is aware that EscrowLock can send back the project fund to the client if the delays become too much (as far as such condition is stated in the project agreement).
You can carry out normal operations on the dedicated project account such as balance check, account statement request, transfers and account closures without the stress associated with going directly to a regular bank to do that.
This is particularly useful in situations where there are more than one signatories required to perform certain actions on the account.
Our PRODAS is perfect for situations where there is need to have multiple signatories that can perform certain operations on the dedicated bank account of the project.
So, each signatory needed for the performance of a specific operation in the bank account (such as requesting for statement, authorizing transfer, closing the account, etc.) must give consent before such operation can be executed by EscrowLock on the project account.
Best of all, the signatories can be flexible and does not have to be tied to a particular real person.
It can be tied to a specific position in your organization (such as Accountant, Manager, HR) that is identified by a specific email.
This helps to prevent the difficult and complex process of “change of signatory” often encountered in situations where a staff who is a signatory to the project account resigns or becomes unavailable.
Another advantage of this is that the means of obtaining the consent of the signatories is flexible.
Physical presence of the signatories or their original signatures are not needed.
With the use of the email addresseses registered on EscrowLock by the signatories (in addition to our multiple factor authentications), all operations on the project bank account can be carried out.